40-6-19 - Bond and Surety Forfeiture Trust Fund created -- Contents -- Use of fund money. - Utah Statutes

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Statutes > Utah > Title-40 > Chapter-06 > 40-6-19

40-6-19. Bond and Surety Forfeiture Trust Fund created -- Contents -- Use of fundmoney.
(1) There is created a private-purpose trust fund known as the "Bond and SuretyForfeiture Trust Fund."
(2) Money collected by the Division of Oil, Gas, and Mining as a result of bond or suretyforfeitures shall be deposited in the fund.
(3) Interest earned on money in the fund shall accrue to the fund.
(4) (a) Money from each forfeited bond or surety, together with interest, shall be used bythe Division of Oil, Gas, and Mining to accomplish the requisite performance standards under theprogram to which the forfeited bond or surety corresponds.
(b) Any money not used for a project shall be returned to the rightful claimant.

Amended by Chapter 344, 2009 General Session

State Codes and Statutes

Statutes > Utah > Title-40 > Chapter-06 > 40-6-19

40-6-19. Bond and Surety Forfeiture Trust Fund created -- Contents -- Use of fundmoney.
(1) There is created a private-purpose trust fund known as the "Bond and SuretyForfeiture Trust Fund."
(2) Money collected by the Division of Oil, Gas, and Mining as a result of bond or suretyforfeitures shall be deposited in the fund.
(3) Interest earned on money in the fund shall accrue to the fund.
(4) (a) Money from each forfeited bond or surety, together with interest, shall be used bythe Division of Oil, Gas, and Mining to accomplish the requisite performance standards under theprogram to which the forfeited bond or surety corresponds.
(b) Any money not used for a project shall be returned to the rightful claimant.

Amended by Chapter 344, 2009 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-40 > Chapter-06 > 40-6-19

40-6-19. Bond and Surety Forfeiture Trust Fund created -- Contents -- Use of fundmoney.
(1) There is created a private-purpose trust fund known as the "Bond and SuretyForfeiture Trust Fund."
(2) Money collected by the Division of Oil, Gas, and Mining as a result of bond or suretyforfeitures shall be deposited in the fund.
(3) Interest earned on money in the fund shall accrue to the fund.
(4) (a) Money from each forfeited bond or surety, together with interest, shall be used bythe Division of Oil, Gas, and Mining to accomplish the requisite performance standards under theprogram to which the forfeited bond or surety corresponds.
(b) Any money not used for a project shall be returned to the rightful claimant.

Amended by Chapter 344, 2009 General Session